Online service bids to transform African money transfer

London - 4 April 2011 (CNN): Remittances sent from abroad are a lifeline for millions in Africa, and now online services are aiming to make it quicker and easier to transfer money to the continent.

According to the World Bank and the African Development Bank, members of the African Diaspora send home around $40 billion every year. But the actual figure is likely to be significantly higher as a large proportion of funds are transferred through various informal channels.

Now, Ismail Ahmed, founder and chief executive of WorldRemit, says he's found a way to make the whole process easier, while helping Africa minimize its dependence on cash... More